16 MALKIN from 6


the Freddie Mac board of directors at a time when its oversight manager called the quasi-govern- mental agency “so pliant” that it enabled rampant book-cooking. Freddie Mac’s stock skyrocketed; its CEOs helped them- selves to massive bo- nuses. Emanuel’s home- town paper, the Chicago Tribune, exposed how Emanuel’s “profitable stint” during this cor- ruption-plagued period entailed almost no work: The board met no more


than six times a year. Unlike most fellow direc- tors, Emanuel was not assigned to any of the board’s working commit- tees, according to com- pany proxy statements. Immediately upon join- ing the board, Emanuel and other new directors qualified for $380,000 in stock and options plus a $20,000 annual fee, re- cords indicate. On Emanuel’s watch,


executives told the board of a plan to use account- ing tricks to mislead shareholders about out- size profits the govern- ment-chartered firm was then reaping from risky investments. The goal was to push earnings onto the books in fu- ture years, ensuring that Freddie Mac would ap- pear profitable on paper for years to come and helping maximize annual bonuses for company brass. And now the torch may


be passed in an end- less Windy City circle, from Daley to Emanuel, from Emanuel to Daley, with Obama. ‘Round and ‘round it goes in Chicago on the Potomac. Remem- ber: When Crony State corruptocrats brag about “job creation,” the only jobs they’ve ever created are each other’s.


Michelle Malkin is the author of “Culture of Cor- ruption: Obama and his Team of Tax Cheats, Crooks & Cronies” (Reg- nery 2010). Her e-mail address is malkinblog@ gmail.com.


THE WEIRS TIMES, Thursday, January 13, 2011


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